Several sources close to the situation have indicated that a deal for the sale of the Sacramento Kings to Seattle’s Hansen-Ballmer Group is imminent. The reported settlement is said to be worth $525 Million and would see 65% of the Maloofs’ ownership go to Seattle. At this stage it is also reported that NBA teams have been notified, but the deal is yet to be approved by the league. More details ASAP.

From January 10th, 2013

Reports emerged on Twitter late last night of a blockbuster move which would see the financially decrepit Sacramento Kings relocate to Seattle after the Hansen-Ballmer Group made an offer to Kings owners the Maloof family to buy the team.

A press conference has been called, but as yet there is no official press release stating the move will indeed go ahead. The Maloofs are notoriously known for changing their minds last minute and the likelihood of them rejecting an offer remains high.

The projected figure of $500 million would see the franchise move to the old stomping ground of the fabled Seattle SuperSonics at Key Arena, before relocating to a new purpose built arena in the SoHo district two years later.

It is also reported that the Maloofs will likely retain a small percentage of ownership, but will ultimately have no say in the directions and choices the franchise takes.

Y! Sports was also told this morning that the buyer intends on reapplying the colors and name of the NBA history with which Seattle is known. Basically, we could potentially see the Seattle Sonics back in the National Basketball Association as early as next season.